<p>I'm new to a financial aid searching.</p>
<p>Basically, these financial aid terms refer to money that a qualified student can get, right?
But I'm not sure is that does the student have to pay the money back to the donor/school?
and what are the differences between these terms?</p>
<p>Thanks</p>
<p>Go to FinAid</a>! Financial Aid, College Scholarships and Student Loans and read it all. That will help you get some of this straightened out.</p>
<p>scholarships and grants are money that you don't have to pay back
loans have to be paid back
some financial aid (loans, grants/scholarships, work-study) is awarded based on financial need as determined by the college
some financial aid (usually grants/scholarships) is awarded based on "merit" as determined by the college or by another organization awarding that aid</p>
<p>thanks, happymomof1!</p>
<p>Great job HMof1! I do have one slight difference in definition on your last statement. Usually, merit aid (from a college or outside organization) is not classified as a form of FA as it is not based on need. What does muddy this up is that there are merit scholarships that have a need component to them.</p>